Athanase Innovation AB (OSTO:ATIN) Beneish M-Score: 0.00 (As of Jun. 27, 2026)


OSTO:ATIN Athanase Innovation AB OSTO:ATIN
26 GF Score
Price kr17.80
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What is Athanase Innovation AB Beneish M-Score?

Athanase Innovation AB OSTO:ATIN 26 Beneish M-Score is 0.00 as of Jun. 27, 2026. GuruFocus rates OSTO:ATIN with a GF Score™ of 26/100.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Athanase Innovation AB's Beneish M-Score or its related term are showing as below:

During the past 3 years, the highest Beneish M-Score of Athanase Innovation AB was 0.00. The lowest was 0.00. And the median was 0.00.

Athanase Innovation AB Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Athanase Innovation AB's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Athanase Innovation AB Beneish M-Score Chart

Athanase Innovation AB Annual Data
Trend Jun17 Jun18 Jun19
Beneish M-Score
0.00 0.00 0.00

Athanase Innovation AB Semi-Annual Data
Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20
Beneish M-Score Get a 7-Day Free Trial 0.00 0.00 0.00 0.00 0.00

OSTO:ATIN vs EVG, SMM, NHS: Beneish M-Score Comparison

For the Asset Management subindustry, Athanase Innovation AB's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Athanase Innovation AB Beneish M-Score vs Asset Management Industry

For the Asset Management industry and Financial Services sector, Athanase Innovation AB's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Athanase Innovation AB's Beneish M-Score falls into.


OSTO:ATIN
26GF Score
Athanase Innovation AB OSTO:ATIN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Athanase Innovation AB Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Athanase Innovation AB for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun19) TTM:Last Year (Jun18) TTM:
Total Receivables was kr3.30 Mil.
Revenue was kr42.03 Mil.
Gross Profit was kr41.10 Mil.
Total Current Assets was kr22.53 Mil.
Total Assets was kr694.83 Mil.
Property, Plant and Equipment(Net PPE) was kr672.30 Mil.
Depreciation, Depletion and Amortization(DDA) was kr17.68 Mil.
Selling, General, & Admin. Expense(SGA) was kr1.03 Mil.
Total Current Liabilities was kr16.33 Mil.
Long-Term Debt & Capital Lease Obligation was kr397.70 Mil.
Net Income was kr6.30 Mil.
Gross Profit was kr0.00 Mil.
Cash Flow from Operations was kr28.38 Mil.
 Total Receivables was kr3.63 Mil.
Revenue was kr41.18 Mil.
Gross Profit was kr40.31 Mil.
Total Current Assets was kr21.14 Mil.
Total Assets was kr711.11 Mil.
Property, Plant and Equipment(Net PPE) was kr689.97 Mil.
Depreciation, Depletion and Amortization(DDA) was kr17.68 Mil.
Selling, General, & Admin. Expense(SGA) was kr1.51 Mil.
Total Current Liabilities was kr15.30 Mil.
Long-Term Debt & Capital Lease Obligation was kr401.80 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(3.304 / 42.033) / (3.632 / 41.177)
=0.078605 / 0.088205
=

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(40.311 / 41.177) / (41.104 / 42.033)
=0.978969 / 0.977898
=

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (22.533 + 672.295) / 694.828) / (1 - (21.139 + 689.971) / 711.11)
=0 / 0
=

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=42.033 / 41.177
=

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(17.676 / (17.676 + 689.971)) / (17.676 / (17.676 + 672.295))
=0.024979 / 0.025618
=

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(1.025 / 42.033) / (1.51 / 41.177)
=0.024386 / 0.036671
=

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((397.7 + 16.327) / 694.828) / ((401.8 + 15.301) / 711.11)
=0.59587 / 0.586549
=

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(6.304 - 0 - 28.382) / 694.828
=-0.031775

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Athanase Innovation AB (OSTO:ATIN) has a Beneish M-Score of 0.00 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Athanase Innovation AB and its competitors.
Is Athanase Innovation AB's Beneish M-Score too high?
Athanase Innovation AB's current Beneish M-Score is 0.00. Overall, Athanase Innovation AB has a GF Score™ of 26/100, reflecting its overall financial health beyond just this single metric.
How does Athanase Innovation AB's Beneish M-Score compare to EVG and SMM?
Athanase Innovation AB's Beneish M-Score of 0.00 can be compared against companies in the Asset Management industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Asset Management company?
A good Beneish M-Score depends on the Asset Management industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Athanase Innovation AB and its competitors. Athanase Innovation AB's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Athanase Innovation AB stock overvalued right now?
Athanase Innovation AB (OSTO:ATIN) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Athanase Innovation AB's overall GF Score™ is 26/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Athanase Innovation AB (OSTO:ATIN), the current Beneish M-Score is 0.00 as of Jun. 27, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Athanase Innovation AB Business Description

Address Birger Jarlsgatan 6, Sverige, Stockholm, SWE, 114 34
Athanase Innovation AB is an alternative investment firm with exposure to both private and public equity. It invests in innovative companies that benefit from trends such as robotics, digitalization, and automation. The principal revenue stream is initially management fees charged on the external fund capital and investment income of the underlying assets.
26GF Score

Get the complete analysis for OSTO:ATIN

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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